2021-2030 Analysis and Review Bio Electronics Market
Bio Electronics Market By Technology Application, Implantable Medical Devices, Prosthetic Limbs Market, Artificial Organs/Bionic Organs, Diabetic Devices, Electronic Pills - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030
Bio-electronic devices market is expected to grow at a CAGR of 14% during the forecast period. Technological advances such as low power consumption and durability are the key driving factors for bioelectronics device manufacturers. There are constant attempts at developing and improving present day technologies. Cardiac implants are being developed which can be used under a MRI scanner, which have long battery life and high compatibility. Research and development is going on to develop artificial organs which can replace the damaged organs. At present the organs that are available are only used as the gap fillers between organ transplants. Cochlear implants have helped thousands who were deaf from birth to regain hearing sense. Bioelectronics market is also driven by factors such as ageing population and rise in the prevalence of lifestyle diseases.
360 Degree Market Segmentation
Bio-electronic devices are mainly segmented on the basis of applications which include implants and medical devices which are used to serve as an organ or facilitate an organ or are used for diagnostic purposes. Bio-electronic devices which have been considered are bio chips, include DNA microarray and Lab-on-a-chip, implantable medical devices which include heart implants, brain implants, gastric implants and others, artificial or bionic organs, prosthetic organs, diabetic devices form other major segments. The rest of the segments of bioelectronics market include diabetic devices, bionic organs, electronic pills and prosthetic devices. These markets have some niche products such as artificial hearts, cochlear implants and bionic organswhich are slowly gaining popularity in developed and emerging economies such as India and China. Rise in diabetic population, demand for more advanced prosthetic which are responsive to brain signals and requirement of more advanced diagnosis of human gut are some the major drivers for these segments.
Cochlear Implant Accounts to Over 61 Percent of Market Share
Implantable medical devices include implants such as continuous rhythm management devices such as pacemakers, brain implants such as Vagus nerve simulator and deep brain simulator and ear implants such as cochlear implants. It is the largest market segment with 61% market share. The market is driven by high demand due to rise in prevalence rates of diseases such as cardio vascular diseases, neurological diseases, ear disorders and other life threatening disorders. Some cases of heart implants reimbursements are also available in emerging economies such as India and China. In India, the implants are available at a price of $1500-$2000in some major government hospitals. The rising awareness and initiative by manufacturers is also responsible for the adoption of implantable medical devices.
Biochips Holds Significant Market Share
Biochips hold 23% market share in the market. DNA microarrays and Lab-on-a-chip are the major market segments. The market is expected to grow at a CAGR of 18% during the forecast period 2022-2030. The market is mainly driven by increase in the budget of R&D and the need to understand human genome especially in developed countries such as the US, Canada, United Kingdom and others efforts are being made to correlate various diseases and their genetics for effective diagnosis.
North America Takes the Lion’s Share
Geographically, North America holds the highest market share of 43% in2021. North America is driven by high awareness regarding life threatening diseases and other diseases such as neurological diseases. Compared to other geographies, regulations in North America are more stringent. However, this helps in eliminating the trust issues with bioelectronics devices. Devices are approved only after lengthy clinical trials. North American countries also have good reimbursement policies which present a favorable environment. Europe has 28% market share followed by Asia-Pacific and Rest of the world.
Historical & Forecast Period
This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.
Report Methodology
Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.
By Technology (2020-2030; US$ Mn)
Application
Implantable Medical Devices
Prosthetic Limbs Market
Artificial Organs/Bionic Organs
Diabetic Devices
Electronic Pills
By Region (2020-2030; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn)
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